Tag: Report

India to roll out CBDC using a graded approach: RBI Annual Report

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Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system. In February, while discussing the budget for 2022, Indian finance minister Nirmala Sitharaman spoke about the launch of a digital rupee to provide a “big boost” to the digital economy. In the annual report released Friday by India’s central bank, RBI revealed exploring the pros and cons of introducing a…

Amid sanctions, Russia weighs crypto for international payments: Report

The Russian Federation is reportedly considering accepting cryptocurrencies for international payments in response to Western sanctions against the country that were prompted by its full-scale invasion of Ukraine earlier this year.  The Moscow-based Interfax news agency and Reuters reported Friday that Ivan Chebeskov, who heads the financial policy division within Russia’s finance ministry, is actively considering the possibility of incorporating crypto payments. “The idea of using digital currencies in transactions for international settlements is being actively discussed,” he said. According to local newspaper Vedomosti, the finance ministry is considering adding…

Two key takeaways from Nansen’s UST stablecoin depeg report

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As the dust settles on the cataclysmic collapse of the Terra ecosystem, an on-chain deep-dive carried out by blockchain analytics firm Nansen highlights two major takeaways. The cryptocurrency ecosystem was awash with varying speculatory theories around the cause of Terra’s algorithmic stablecoin UST’s decoupling from its $1 peg. The who and why seemed a mystery but the outcome was catastrophic, with UST dropping well below $1 while the value of Terra’s stablecoin token plummeting in value as a result. Nansen undertook an investigation leveraging on-chain data from the Terra ecosystem…

KuCoin Exchange Report Shows Growing Crypto Adoption In The US

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The Into The Cryptoverse US Report by KuCoin — a global cryptocurrency exchange — revealed striking statistics regarding the positive dynamics of blockchain and digital currency adoption in the United States. Findings show that adults and younger generation users are leading the integration of cryptocurrencies into daily financial operations, the report indicates. The survey provides important data related to US user investment sentiment, which has added up to 5% of new adults to the industry compared to the fourth quarter of 2021. Over 8 million new users have entered decentralized…

Crypto Exchange FTX Looking To Acquire Stock Trading Platform Amid Big Expansion: Report

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CNBC is reporting the world’s third-largest cryptocurrency exchange by volume, FTX, is targeting stock trading startups for acquisition. According to CNBC sources, FTX has approached at least three stock trading startups with a view of acquiring them. The report says the talks are at an early stage and no term sheets were signed. A term sheet is a non-binding agreement indicating basic terms and conditions upon which a potential investment could be made. Among the stock trading firms that were approached by FTX include Apex Clearing, a digital clearing and…

Fear in the Bitcoin and Ethereum Derivative Markets Points to More Pain Ahead for 3 to 6 Months – Report

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Summary: Bitcoin’s value has been declining for a record-breaking eight consecutive weeks. The ongoing pullback has put a notable dent in the entire crypto market performance. Fear in the Bitcoin and Ethereum derivatives markets indicates that downside selling pressure will continue for the next three to six months. However, bear markets eventually usher in bull markets down the road. The crypto markets have somewhat come to terms with the depegging of UST, the downward spiral of LUNA that followed, and both events affecting the price of Bitcoin and the entire…

Fed report finds most Americans who own crypto tend to be high income hodlers

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The United States Federal Reserve Board has included data on cryptocurrency in its new Economic Well-Being of U.S. Households in the 2021 report. The Fed’s ninth annual report looked at survey results from 11,000 people questioned in October and November 2021.  The report indicated financial wellbeing is the highest it has been since reporting began, with 78% of U.S. adults “doing okay or living comfortably financially.” That is an increase of 3% over the last three years. As a diagnostic of financial fitness, the report cites the 68% of Americans…

Korean Authorities To Interrogate Crypto Exchanges About TerraUSD (UST) Collapse: Report

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South Korean officials plan to question representatives from the country’s five largest crypto exchanges about the recent Terra (LUNA) collapse. According to a new report from local news outlet Newspim, Korea’s ruling party will hold an emergency meeting with representatives from Upbit, Bithumb, Coinone, Korbit and Gopax to discuss the ramifications of LUNA’s $40 billion implosion. Says Yoon Chang-Hyeon, a member of South Korea’s ruling party and chairman of the parliament’s special virtual assets committee, “We will check [the exchanges’] investor protection measures.” The planned emergency meeting follows news that LUNA…